Albania's economic growth is projected to slightly speed up to 1.7% in 2014 from 1.5% estimated for 2013, the European Bank for Reconstruction and Development (EBRD) said in the latest edition of its Regional Economic Prospects report published on January 21. In the previous edition of the report published in November the bank was expecting a 2% GDP growth for Albania for this year.
According to EBRD, the weaker growth performance reflects primarily the extent of difficulties in the eurozone and particularly in periphery countries that are Albania’s major economic partners. In addition, domestic factors such as the corporate balance sheets and accumulation of government arrears have also had a negative contribution. Albania faces challenges from rising public debt and financial sector vulnerabilities. EBRD believes, that the fiscal tightening under a new IMF programme will dampen the positive growth contributions from the continued recovery in both domestic and external demand.
In regional comparison, Albanian economy will grow slower that the SEE average of 2.1% y/y in 2014.
The Albanian government sees this year's GDP growth at 2.1%. This projection is in line with the latest forecast of the IMF and the World Bank.
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